invoice it! - invoicing and inventory software - since 1999
the most feature rich small business software for its price

Stock Control with invoiceit!

Below is a detailed explanation on how inventory levels and values are determined:
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1.) Settings

on setup page 1:

This will turn the inventory monitor on.

2) Products (Inventory)

This turns on the inventory monitoring for a specific product. If item 1 above is set to "Yes", then 'diminish' 
on the product level defaults to Yes when adding a new product. Uncheck if a product does not need monitoring.

3) Inventory Count

to start the system you need to enter the starting values for each product (inventory count), which includes 
the quantity held and total value at a given date - shown below in red.

The important rule to remember: All transactions from that date are used to increase/decrease your inventory.

Example: Date of Inventory count - August 4

All purchases and invoices from August 5 will affect the inventory level.

Each product can have a different date (rolling inventory count). If a product has no value enter $0. If a product 
is not held, enter the count as 0.

To access this form, click Inventory - then the 4th button at left (calculator/pencil). You can now set the 
quantity and total value for each inventory line.

These values can also be set, one product at a time, from the Inventory tab (Main Inventory button)

4) Increase of Inventory - Purchasing

Click Vendors - find the vendor from whom you purchased, then the 3rd button at left (book/pencil).

Here you can enter the product arrivals from vendors' invoices or packing slips, incl. quantity and unit cost.

This increases your inventory.

You also go here to enter products returned to vendors (enter negative quantities) - an inventory decrease.

5) Decrease of Inventory - Sales (Invoices)

Click on Invoices. Sales of products which are being monitored will decrease your inventory.

Credits or returns by clients (negative quantities) will increase your inventory.

If you credit a product to a client, but the product is not returned - use a different product code (such as 
"Misc. Returns"). This will credit the appropriate amount to the client, but does not 'return' the goods to inventory.

For more information on how inventory values are calculated, click here

To return to the FAQ page, click here

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